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The yellow puffle was once a rumor amongst penguins. A small portion of the population on Club Penguin will say even today that if you tip the iceberg (which is impossible) you will get x amount of money (anywhere from three hundred coins to one million coins)

The yellow puffle appeared during the Halloween Party 2007, appearing around the Ski Hill and the Forest. Crowds would gather, all screaming "HERE IT COMES! LOOK!" and "STOP TALKING! I CAN'T SEE!" The puffle would appear every half hour or so, and penguins went crazy when it did appear.
After the party, the yellow puffle started to appear in Puffle Roundup. Many penguins knew that it would appear in the catalog. On the very first day it was released, everyone was wild about it. The Town would be covered with penguins walking their new yellow puffles.

The white puffle was another rumor. An even smaller number of penguins believed that if you tipped the iceberg, you'd get a white puffle.
Around the time of the Puffle Party 2009, the white puffle was appearing at the Ski Hill and the Dojo in the bushes. The white puffle was very shy, and apparently the Puffle Party, which showed how much penguins loved puffles, was enough to coax it out of hiding. Many older penguins had flashbacks to the yellow puffle scenario, and it was like a re-run on television: it appeared in certain places every half hour or so, it appeared in Puffle Roundup, and finally, it was for sale at the Pet Shop. Along with the black puffle the white puffle both can be elemental as white puffles can shoot out ice and black burns up in fire.

Many penguins believe that tipping the iceberg will give you a complete catalog specially made for the iceberg, allowing you to buy a rainbow puffle. This is false.
Many videos have also been made (and craftily edited) by various people, showing them doing ordinary things like dancing and flipping through the catalog, and a window would pop up asking you if you'd like to buy a rainbow puffle.